topic Re: need an adivce in Credit Cards

need an adivce

st2 — Tue, 07 Oct 2014 00:35:26 GMT

This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case a credit company might ask me in the future whe i apply. Kije why did you close this card.

Re: need an adivce

ray8806 — Tue, 07 Oct 2014 00:38:26 GMT

Because you no longer had any need for it?

That's totally your choice whether you close a card or not. It's like "Why did you buy a Ford instead of a Chevrolet?"... "because I wanted it".

Re: need an adivce

FinStar — Tue, 07 Oct 2014 00:44:10 GMT

Well that all depends on what you value and why you closed it in the first place. There could be a variety of reasons (i.e. CL wasn't adequate to meet my spending requirements, APR was too high when compared to my overall TLs, the rewards structure and benefits no longer met my needs, I'm trying to simplyfy my overall exposure and consolidate CCs, etc). While everyone's experience may vary, I have yet to have any lender (even on manual review) ask me why I closed some of my accounts.

Re: need an adivce

yfan — Tue, 07 Oct 2014 00:56:58 GMT

@st2 wrote:
This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case a credit company might ask me in the future whe i apply. Kije why did you close this card.

Why did you close the freedom, and why might you want it in the future? Unless your honest answer is "Because I want to get the bonus again and again," any answer is fine. IF your honest answer IS "Because I want to get the bonus over and over", Chase has already announced a change in policy that they won't put up with it, and I doubt you can find a way around it.

Re: need an adivce

Anonymous — Tue, 07 Oct 2014 01:08:02 GMT

@yfan wrote:
@st2 wrote:
This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case a credit company might ask me in the future whe i apply. Kije why did you close this card.
Why did you close the freedom, and why might you want it in the future? Unless your honest answer is "Because I want to get the bonus again and again," any answer is fine. IF your honest answer IS "Because I want to get the bonus over and over", Chase has already announced a change in policy that they won't put up with it, and I doubt you can find a way around it.

Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.

Re: need an adivce

yfan — Tue, 07 Oct 2014 01:11:49 GMT

@Anonymous wrote:
Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.

Not knocking it, nor praising it. That's a different debate for a different thread. I am saying that it is now explicitly against Chase's policy, and it seems to me that Chase has every intention of enforcing that.

Re: need an adivce

Anonymous — Tue, 07 Oct 2014 01:16:02 GMT

@yfan wrote:
@Anonymous wrote:
Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.
I am saying that it is now explicitly against Chase's policy, and it seems to me that Chase has every intention of enforcing that.

Well they're no fun.

Re: need an adivce

revjamesl — Tue, 07 Oct 2014 01:43:17 GMT

Why close an account in good standing? Unless it's costing me more than it's worth to keep I would never consider closing a positive account.

Re: need an adivce

lg8302ch — Tue, 07 Oct 2014 05:43:57 GMT

@FinStar wrote:
Well that all depends on what you value and why you closed it in the first place. There could be a variety of reasons (i.e. CL wasn't adequate to meet my spending requirements, APR was too high when compared to my overall TLs, the rewards structure and benefits no longer met my needs, I'm trying to simplyfy my overall exposure and consolidate CCs, etc). While everyone's experience may vary, I have yet to have any lender (even on manual review) ask me why I closed some of my accounts.

+1 It is more likely the present lender is asking you why you want to close the account because they would like to keep you as customer and see if there is anything they can do so you would reconsider and keep their card

Re: need an adivce

B335is — Tue, 07 Oct 2014 08:27:43 GMT

As someone who goes against the grain around here, I've never been asked "why did you close xyz card?" I'm usually asked "what's up with the new accounts?" I open and close accounts fairly regularly (not something I'm advocating, it works for me though). I've also never been asked about limit reductions I've initiated or that stupid Duck card blemish on my CR that says "Closed by lender"

Credit Analysts are human and the truth never hurts. I probably wouldn't tell them you're churning sign up bonuses annually, but unhappy with the APR has worked well for me.

Re: need an adivce

jsucool76 — Tue, 07 Oct 2014 11:51:47 GMT

I thought chase closed your freedom. Didn't you have a thread about them closing your bank accounts and freedom?

Re: need an adivce

takeshi74 — Tue, 07 Oct 2014 13:31:12 GMT

@st2 wrote:
I want to know what is a good excuse for closing up a card in case a credit company might ask me in the future whe i apply.

You don't need an excuse. If the card wasn't useful to you then it wasn't useful.

@revjamesl wrote:
Why close an account in good standing? Unless it's costing me more than it's worth to keep I would never consider closing a positive account.

You can't assume that everyone else shares your preferences. Some keep everything they can. Others do not. As I stated in your other threads these are highly subjective matters.

Re: need an adivce

st2 — Wed, 08 Oct 2014 02:43:56 GMT

jsucool76 wrote:
I thought chase closed your freedom. Didn't you have a thread about them closing your bank accounts and freedom?

yah man they closed it. At that thread every one was asking so much and some of them took it personaly and i got some unrespectful messeges from some members here.we are here to help eachother. I dont want to keep mentioning the samething and getting the same questions, why did they close it and stuff. Its been closed and i just want to know howto deal with this afterwards.

Re: need an adivce

st2 — Wed, 08 Oct 2014 02:45:16 GMT

FinStar wrote:

Thank you so much